On 14 June 2022, the Financial Ombudsman Service (FOS) published a discussion paper on possible changes to its future funding model.
Following the Action Plan published last year and recommendations from an independent periodic review, the FOS is committed to consider revisions to its funding model, including those that might incentivise constructive behaviour by the industry, to resolve cases more quickly and to ensure the financial sustainability of the service.
In its 2022/23 plans and budget consultation, the FOS asked for feedback about its future funding. The discussion paper builds on the feedback which the FOS received, the discussions which it had with stakeholders since then, and the feedback to its last future funding consultation in 2019.
The FOS recognises that there are different possible funding models. The discussion paper invites comments on the principles that should guide the funding model and the forms that funding could take.
The deadline for comments on the discussion paper is 5 August 2022. A feedback statement is expected this October.